AUD/JPY Price Forecast: Rises above 93.50, next barrier appears at nine-day EMA

• AUD/JPY could target the psychological support level at 93.00.
• The 14-day RSI is positioned above the 30 mark, reinforcing the prevailing bearish bias.
• The pair tests the primary barrier at the nine-day EMA of 93.95

AUD/JPY extends its gains for the second consecutive day, trading around 93.60 during Asian hours on Wednesday. However, a technical review of the daily chart reveals the pair remains within a descending channel, signaling a persistent bearish bias.

The 14-day Relative Strength Index (RSI) remains above the 30 level, reinforcing the prevailing bearish bias. Furthermore, the AUD/JPY cross continues to trade below the nine-day Exponential Moving Average (EMA), indicating weaker short-term price momentum.

The AUD/JPY cross may first test the psychological support level at 93.00, followed by the lower boundary of the descending channel at 92.00. A decisive break below this channel could strengthen the bearish bias, potentially pushing the pair toward the 90.13 region--the lowest level since May 2023, last observed on August 5, 2024.

On the upside, the AUD/JPY cross faces its first resistance at the nine-day EMA of 93.95. A breakout above this level could strengthen short-term price momentum, paving the way for a move toward the upper boundary of the descending channel at the psychological level of 96.00, followed by the 50-day EMA at 96.10.

AUD/JPY: Daily Chart